Housing

According to the American Community Survey estimates, the median household income in the City of Spokane averaged $42,092 from 2009 to 2013. Per capita income in the City was $23,965, compared to $10,003 for the University District and $21,206 for the Downtown, although a portion of the Downtown had a higher income at $24,920. Regional policy makers have set a goal to increase the proportion of residents with high quality degrees, certificates or other credentials from 40% to 60% by 2025

Downtown Spokane’s population is more than 5,000 with over 2,100 units.

Major planned or proposed projects are expected to increase the Downtown population in the next seven years. Many of the market segments targeted by the new projects suggest a potential shift in demographics away from lower-income groups and seniors to higher-end empty-nesters and younger professionals.

Demand

Housing demand in Downtown Spokane is expected to increase substantially (250-400 units per year) in the next 20 years. Young professionals, age 25-35, and Baby Boomers, age 43-61, tend to desire, which makes up over 40% of Spokane’s population.

The market potential for new market-rate housing units to be leased or sold within Downtown Spokane is 4,100 households.

The household groups that comprise the potential market are younger singles and childless couples (53%), well-to-do empty nesters and retirees (41%), and a range of urban families (6%).

2015 Housing and Economic Report

In 2015, the Downtown Spokane Partnership, the Parking and Business Improvement District, and the University District Development Association engaged Applied Development Economics, Inc., to prepare a city-wide residential market analysis and economic report.

A digital copy of the assessment is available to interested developers and investors here.

Highlights of the study include:

The City is skewing older and younger. Housing trends will cater to both retiree and university student needs.

The growing young adult student population will drive unique retail, entertainment and dining alternatives for all demographics.

Local household income growth will bring more shoppers downtown and cement Spokane’s role as the regional retail hub.

Re-used and re-adapted buildings will be popular; look for mixed-use renovation projects with ground floor shops and upper floor living.

Expanding partnership between the Washington State University Medical School, local universities with health science programs, area hospitals, and existing Spokane life sciences companies, will be a major economic driver resulting in new jobs. Highly skilled positions will spurr wage growth, improving the overall quality of life for Spokane residents